Business
54% of agile Nigerians unemployed, says economic council chair
More than a half of Nigerian labour force are currently unemployed or underemployed, Chairman of the Presidential Economic Advisory Council, Prof. Doyin Salami, has said.
According to him, Nigeria needs to create 19 million jobs every year to solve the unemployment problem in the country.
Salami spoke on Tuesday at a webinar on privatisation organised by the Nigerian Stock Exchange, in collaboration with the Nigeria Governors’ Forum and the Nigerian Investment Promotion Council.
He said, “When you look at it in terms of the youth element of our labour force, it is somewhere around 64 per cent. More than a half of Nigeria’s labour force is either unemployed completely or underemployed.”
Salami specifically said the rate of underemployment and unemployment in the Nigerian labour force stood at around 54 per cent.
“Now, if we are going to remedy this, Nigeria needs to be creating roughly 19 million jobs. If we are going to do that, it cannot be the responsibility of the government sector. The whole revenue profile of the government sector in Nigeria, federal and state, is somewhere around 10 per cent,” he said.
He also declared, “Right now, Nigeria’s economic challenge is a very significant and potentially severe one. Yes, I know our economy hasn’t performed well; we have seen so far this year a contraction in the economy, and prospects are that for the rest of the year, the economy will continue to contract.
“If Nigeria’s economy is going to grow, investment is going to be at the heart of that growth. Up until now, our attention has typically been focused on the Federal Government especially in terms of the balance of its recurrent and capital spending.”
The foremost economist noted that Nigeria currently has an investment to GDP ratio of between 15 and 18 per cent.
“If we are going to make any meaningful progress, we need an investment to GDP ratio that does not fall at any time perhaps over the next decade below 25 to 30 per cent. So, no matter how we look at it, investment is going to be the fundamental catalyst for growth,” he said.
He stressed the need for the country to generate investment levels that could support growth that must exceed the rate of growth of population, currently estimated at about 3.2 per cent.
Auto
Yingqi Auto Machinery opens factory to revive vehicle engines in Lagos
Yingqi Auto Machinery opens factory to revive vehicle engines in Lagos
‘Don’t throw away your old vehicle engines’
An auto company specializing in car engine refurbishment, Yingqi Auto Machinery Co Ltd, has been established in Lagos.
The firm says its aim is to help motorists maximise the service life of their vehicles.
In addition, the firm provides new energy technology support for companies in the automotive industry, including natural gas engines, electric vehicles and other technologies.
Located in the Ojodu Berger of Lagos State, the company opened its doors to corporate as well as individual customers at a an impressive event attended by stakeholders in the industry including the Rector of Yaba College of Technology, Dr. Ibraheem Abdul.
Managing Director, Yingqi Auto Machinery, Mr. Vincent Ke, in his address at the event, said, “The birth of Yingqi Auto Machinery stems from a group of entrepreneurs with an unending passion and pursuit for automotive technology.
“Our team brings together elite talents from the automotive field, with rich industry experience, deep professional knowledge, and keen insights.”
He added, “Yingqi Auto Machinery, with its unique perspective and innovative thinking, is focused on the automotive sector, dedicated to solving industry challenges through advanced technology and improving people’s quality of life.”
The MD also spoke on the need for collaboration, saying, “As an international partner, I fully understand the importance of cross-border cooperation and exchange.
“In today’s globalized world, no country or enterprise can exist and develop in isolation”.
Mr. Vincent Ke, who is a Chinese national, also explained that the company is ready to play by the rules and assist in developmental projects in Nigeria.
He said, “We are also keenly aware that as a new enterprise, we bear greater social responsibility.
“We will actively respond to Nigeria’s national policies, promote green and low-carbon development, and contribute to Nigeria’s progress.
“We will also actively participate in public welfare and give back to society, doing our part in Nigeria’s development.”
Some of the machines already installed at the factory include a surface grinder, which is used to grind the surface of the engine block, stopping overheating and other related problems, and the boring machine for boring holes in the engine block, thereby bringing the engine back to standard.
Others are the benchtop grinder and honing machine to smoothen inside the engine block, as well as crankshaft grinder, lathe machine, hydraulic machine, among others.
Also speaking, the Rector of Yaba College of Technology, Dr. Abdul, said, “Yaba College of Technology welcomes Nigerian enterprises to participate in the college’s cooperation.
“We firmly believe that through the joint efforts and in-depth cooperation of both the university and enterprises, we will surely achieve even more fruitful results in talent cultivation, scientific research innovation, and social services.”
Owner and promoter of Nike Art Gallery, Nike Davies-Okundaye, praised the decision of the company to set up a factory in Nigeria, as she noted that it would contribute to job creation and transfer of technology.
She noted that Nigeria and China had come a long way in their developmental collaborations, and urged Yingqi Auto Machinery to keep the cooperation going.
Business
FG not responsible for petrol price hike, says minister
FG not responsible for petrol price hike, says minister
The Federal Government says it is not responsible for the latest increase in the pump price of petrol.
The Nigerian National Petroleum Company Limited (NNPCL) on Wednesday increased the pump price of petrol from N897 per litre to N1, 030 in Abuja; from N855 to N998 in Lagos; N1,070 in North-East; N1,025 in other South-West states; N1,045 in the South-East and N1,075 in the South-South.
The Nigeria Labour Congress in its reaction asked President Bola Tinubu to order an immediate reversal of the sudden increase.
But Minister of Information and National Orientation, Mohammed Idris, said the government should not be held responsible for the latest hike in petrol price.
The minister said the NNPCL made the decision in response to prevailing circumstances in the energy industry.
He stressed that the oil company did not act on any instruction from the Federal Government, adding the government could no longer fix prices of petroleum products, in line with the provisions of the Petroleum Industry Act (PIA).
He said with the subsidy regime ending since May 2023, the NNPCL had only been paying differential to keep the price within the range it had been, but the company said it could no longer absorb the losses.
“The differential you’re seeing is a result of different factors. One of them is the crisis in the Middle East. There’s volatility in the market. Therefore, the prices of petroleum products are going up, consistent with what is happening with other operators in the industry globally.
“Secondly, NNPC cannot continue to absorb these losses for Nigeria because as a limited liability company, it would be operating at a loss,” he said.
The minister urged Nigerians to continue to show understanding with the NNPCL and the government, assuring that in the long run the prices would ultimately come down.
He said the government would continue to invest the savings from removal of subsidy to improve other critical sectors such as healthcare, education, infrastructure, and security.
FG not responsible for petrol price hike, says minister
Auto
Convert your vehicle to CNG with pay later portal launched
Convert your vehicle to CNG with pay later portal launched
The Federal Government has opened a website for people interested in converting their petrol-powered vehicles to run on compressed natural gas (CNG) and pay later for the service later.
The National Orientation Agency (NOA) announced this new initiative on its X handle in a statement.
“Switching to Compressed Natural Gas (CNG) is now more accessible than ever,” it stated.
“With flexible payment plans tailored to fit your budget, transitioning from petrol to CNG has never been smoother or more affordable.
“These payment options allow you to convert your vehicle now and pay later with affordable monthly instalments at competitive rates.”
The agency said with an easy online application and quick approval process, beneficiaries would be supported every step of the way, to ensure a hassle-free experience.
“Visit: gocng.ng to get started,” NOA said.
The agency listed the benefits of CNG as cost savings, environmental impact, enhanced engine life, safety and reliability, as well as proven technology with a track record of safety and dependable performance.
The FG on October 7, launched a portal that would allow youths to access CNG-powered tricycles.
Project Director and Chief Executive Officer (CEO) of the Presidential CNG initiative (P-CNGi), Michael Oluwagbemi, said the initiative would enhance the economic well-being of Nigerians by reducing dependence on petrol.
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